Villawood looks north

Cashed-up Victorian residential block developer Villawood Properties is consolidating its northern expansion, securing its third land parcel in NSW within a year.

The 17-hectare parcel at Tweed Heads is expected to realise a $45 million return once fully developed.

Villawood, which has a 16,000-lot landbank in Victoria, paid cash for the site, acquired from Brisbane-based Consolidated Properties. BOS International was lender to the previous developer.

Private investor Bill Bowness and his Wilbow Group have taken a half stake in the project.

In the past year Villawood has announced a 900-lot project at Schofields, in Sydney’s west, and a 60-lot subdivision at Moama, near the Victorian border.

Villawood’s northern thrust began three years ago, when it put its foot on a site in Brisbane’s north-west.

Joint executive director Tony Johnson said Villawood had done well in Victoria, completing 40 projects in the past 23 years. Now the developer was on the hunt for more sites to the north. “We are cashed up and looking for opportunistic buys," he said. “We want to turn over 1000 lots a year up and down the east coast. It’s a very simple business plan."